According to the latest report released by BMI Research, India is on its way to become a top producer in steel worldwide. Owing to the demand in the construction, automotive and infrastructure sectors, the demand is only going to accelerate. The government’s decision to increase the capacity of the production in the steel sector is also being given credit for the success, the Steel Users Federation of India (SUFI) has said in a statement. SUFI’s President, Nikunj Turakhia also emphasises on the same statement, commending the push from the government leading to the Indian steel industry’s rise in output.
The report highlights the contributions of steel giants in India like Steel Authority of India Ltd (SAIL) and Tata Steel who have driven the growth. The production of total finished steel, according to official statistics, stood at 101.274 MT in April-March 2016-17, with the export up by 102.1 per cent in April-March 2016-17. The import of steel, however, witnessed a decline of 36.6 per cent over same period and stood at 7.427 MT in April-March 2016-17. The ISA is positive about the trend continuing in the future due to the quality and delivery from the Indian steel industry.
BMI(A Fitch Group Company) research provides macroeconomic, industry and financial market analysis, covering 24 industries and 200 global markets.